This document provides steps for Odoo customers to go live with accurate opening balances. It discusses: 1. Importing all asset and liability account balances, excluding accounts receivable, accounts payable, and inventory. This creates a draft opening journal entry. 2. Importing account receivable and account payable balances by partner. This ensures debit and credit balances match and adjusts the automatic balancing line if needed. 3. Conducting an inventory adjustment by importing all product counts by location. This posts automated journal entries to accurately value opening inventory. Once complete, the balance sheet will have an accurate opening balance to start daily operations in Odoo.

1. Odoo Limited
2020
THE BEST SOLUTION FOR SMALL AND MEDIUM ENTERPRISES
Go Live
2021
THE BEST SOLUTION FOR SMALL AND MEDIUM ENTERPRISES

2. Presentation
Agenda
01
What is Go Live?
02
Steps

3. What is Go Live?

4. Odoo as reliable source of data
Go Live.
All stakeholders start using Odoo
to record daily operations

5. Go Live Baseline.
Accounting - Opening Balance Operations - Stock Count
● Assets
○ Bank & Cash
○ Stock Valuation
○ Account Receivables
● Liabilities
○ Account Payables

6. Steps

7. 2. Account Receivables &
Account Payables
3. Inventory Adjustment
1. All Assets & Liabilities,
excluding Account Receivables
& Account Payable + Inventory
Opening Balance Import.

8. Step 1: Import all Assets & Liabilities
Accounting Dashboard > “Review” (Chart of Account)

9. Enter ALL Opening Debit & Credit excluding
Stock Valuation (for Automated Inventory Valuation)
Step 1: Import all Assets & Liabilities

10. Odoo has automatically generated a Draft Opening Journal Entry under
Journal Entries with an automatic Balancing Line
(Normally using Undistributed Profit / Loss Account)
Step 1: Import all Assets & Liabilities

11. ● If not received / delivered → Create Sales /
Purchase Order, Delivery & Invoice/Bill
● If received / delivered → Add to the opening entry as
Account Receivables & Account Payable (following the
below steps)
Step 2: Import Account Receivables & Account Payable
Invoices / Bills.

12. Enter the Account Receivables & Account Payables per Partner
*If per Transaction level is needed, import date_maturity (Journal Items)
Step 2: Import Account Receivables & Account Payable

13. Ensure Debit & Credit balance with each other
(Adjust the Automatic Balance Line (Undistributed Profit / Loss) if needed)
Step 2: Import Account Receivables & Account Payable

14. Step 3: Inventory Adjustment
Ensure.
● All Storable Products have been imported
● Automated Inventory Valuation has been activated
in product categories
● Costs have been imported

15. [Automated Inventory Adjustment only] Use 999999 as the Incoming & Outgoing Stock
Valuation Account for Virtual Locations / Inventory Adjustment
Step 3: Inventory Adjustment

16. Export all the Products, add the fields “Location” & “Counted Quantity”, then Import to the
“Inventory Adjustment” model
Step 3: Inventory Adjustment

17. Select All and click “Apply”
Step 3: Inventory Adjustment

18. Done!
[Automated Inventory Valuation only] All Journal Entries for Inventory Adjustment have been
posted

19. Done!
Balance sheet has been updated with accurate Opening Balance